The world's most expensive city is ...
Shelling out up to US$4 for a standard café latte or a short train trip can empty pockets of visitors to Sydney rather quickly.
Sushi and JR journeys can quickly gobble budgets in Tokyo, with the city still the most expensive in the region, coming in sixth globally -– just ahead of Sydney.
If you think it’s tough visiting those cities, imagine what it’s like in Oslo –- the world’s most expensive city, according to the Swiss-based UBS Prices and Earnings report, released yesterday.
Where does your city rank? Check out the report here.
After Oslo, European cities then make up the remainder of the top five: Zurich, Geneva, Copenhagen and Stockholm.
Due to a backward-marching greenback, the United States has suddenly become affordable.
At number seven, Sydney is the mover and shaker on the list: it was 38th in 2009 and 12th in 2010. It’s now more expensive than traditional money munchers Singapore (10th), New York (14th), London (15th) and Dublin (20th).
“Sydney continues its storm to the top of our rankings," according to the report. "To some extent this development can be explained by the Australian dollar's continued appreciation against both the US dollar and the euro."
Workers in some of the world's most expensive cities receive a fair lick in their pay packets, too, which doesn't help holiday-makers. Though if you earn a buck in Zurich, Sydney or Luxembourg, chances are you have the highest net purchasing power.
So, how does the UBS Prices and Earnings report arrive at its rankings?
It compares the average “shopping basket” of 122 goods and services. This is done every three years –- the last time in 2009 -– and adjusts for inflation, GDP growth and changes in foreign exchange rates during the intervening years.
The report compares 73 cities worldwide.
So then, it’s time to raise a glass, or drown your sorrows, depending on which side of the bar -– or in which country -- you sit.
Drum roll, please. The world's 20 most expensive cities, according to the UBS Prices and Earnings Report, are:
14. New York
19. Sao Paulo